Team Sky needs new owner to carry on

LONDON» The future of the most successful cycling team of the last decade was put in doubt Wednesday when Sky announced its withdrawal from the sport following the European pay TV giant’s takeover by American company Comcast.

Team Sky, which had a rider win the Tour de France this year for the sixth time in seven races, will require new ownership if it is to continue competing — under a new name — from 2020.

“We plan to be together in 2020 if at all possible,” said Chris Froome, who has raced for Team Sky since its debut in 2010 and won four Tour de France titles. “We will all be doing everything we can to help make that happen — in different colors with a new partner with the same values, focus and desire to win.”

Sky spent 34.5 million pounds ($43 million) last year and generated only 6.7 million pounds ($8 million) in revenue that didn’t come from the owners. The team was reliant on the 25.3 million pounds ($32 million) in title sponsorship in 2017 from shareholders Sky and 21st Century Fox.

Fox held the largest stake in Sky until September when it was outbid by Philadelphiabased Comcast to win control of the company, which is based in Britain but also has broadcasting operations in Ireland, Germany, Austria and Italy.

“The end of 2019 is the right time for us to move on as we open a new chapter in Sky’s story and turn our focus to different initiatives,” Sky group chief executive Jeremy Darroch said.